The Adopted Budget presents to the Board of Directors and the public a clear picture of the services which the OCFA provides, the cost of those services, and the policy decisions underlying the financial decisions. It also provides OCFA's management with a financial and operating plan that conforms to Generally Accepted Accounting Principles (GAAP). The upcoming budget must be adopted by the Board of Directors at or prior to their last meeting of the fiscal year.

The Annual Comprehensive Financial Report is the summation of OCFA's financial activity for the previous fiscal year. OCFA's fiscal year begins on July 1st and ends on June 30th. In addition to reporting the audited financial statements, the Annual Comprehensive Financial Report also includes a summation of major activities and accomplishments completed during the fiscal year, fiscal policies, and statistical information. The Annual Comprehensive Financial Report is prepared by December 31st of each year.

The annual Liability Study is a detailed report of all OCFA long term liabilities, including unfunded pension liabilities, retiree medical plans, lease-purchase agreements, workers compensation, and accrued compensated absences. The annual Study includes strategies for mitigating and/or funding the liabilities. Staff is committed to continuously seeking additional ways to mitigate liability impacts, fund the accrued liabilities, and enhancing the long term financial strength of the organization. The annual Liability Study is submitted to the Board of Directors in the fall of each year.

The Single Audit Act and Office of Management and Budget (OMB) Circular A-133, Audits of State, Local Governments, and Non-Profit Organizations, requires entities that expend $500,000 or more in federal awards within a fiscal year to have an audit performed in accordance with the Single Audit Act.

The Authority's Amended Joint Powers Agreement allows issuance of short-term tax and revenue anticipation notes with a one-year term (or shorter) upon a majority vote of the Board of Directors.

The purpose of TRANs is to provide cash liquidity in anticipation of property tax revenue and cash contract revenues to be received later in the year. The TRANs cover temporary cash flow deficits in the General Fund that result from timing differences between the receipt of revenues and disbursements.